Jang.Lee, I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog. Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.

Please check your PM.

I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.

The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).

On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.

Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).

Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.

You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))

Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).

Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.

This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.

My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.

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nixstor

08-11 12:18 PM

Does any one have idea on this shows viewership? O M G, I am not sure how many facts are being adulterated and presented to the public.

Lou Dobbs Tonight aired on Aug 10th

Calling the whole H1B system as fraud is ridiculous and associating H1B as a threat to national security sounds lunatic. Enough of mudslinging.

Programmers Guild does know how many H1B's have been filed for every year. Follow the below link on the guild website released to prweb

June 2006: Guild Files 300 complaints against H-1B employers

which will take you to http://www.prweb.com/releases/2006/6/prweb400619.htm

bottom of the page it shows

Database of LCAs for H-1B on Department of Labor website:

http://www.flcdatacenter.com/CaseH1B.aspx

I hope people start using google effectively.

How come CNN doesnt review the genuinity of the person making statements?

How come Programmers Guild get on CNN so often and not the people who they are opposing? How about calling one of those H1B organisations or Pro immigration organisations on to the talk show and have a one on one with Lou?

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mrajatish

07-08 11:01 AM

The other posters are correct in that they are telling you that your spouse is covered under section 245k. That is as long as a person hasn't overstayed an I-94 card by more then six months; no major criminal or health issues then everything is reset upon leaving and re-entering USA.

However; USCIS officers try to find other ways to nail people when a person needs protections such as 245k.

I have seen a couple of cases where people have had an i-140 denied due to education. They appealed and re-filed another 140 and in the eta 750b they omitted certain education diplomas that were listed in the first application. USCIS then accused them of fraud and a permanent barrier to getting greencard.

Now; it looks like the officer is going down the same road on your husbands case. Accusing your husband of essentially fraud by claiming that he was working with a company listed in the g-325a biographical information when it appears to uscis that he wasn't working with them. 245k or any other part of immigration law which could protect him becomes difficult to use when they accuse you of fraud.

To get a better grasp of things; you need to post the RFE's that he received on his original case (don't post general stuff but be specific) and what they are saying now. It will allow people to help you better assess the situation.

Particularly worried about what you just mentioned about USCIS using other means to deny application - this seems to go against the principle of 245(K) which was to allow folks to get GC irrespective of a violation in the past. If the intent is to not let folks use 245(K), why even publish such a law? MOre importantly, for folks who have been staying and working in a country for many years (read > 5 yrs), it is possible that they might have some glitches and 245(K) was there to cover that (I am not saying every one has gone through this but a lot of people in 2000/01/02 went through this).

What are the grounds for I-485 denial if my I-140 is approved?

The followings are the grounds for an I-485 denial. a. Some crimes committed by the applicant. b. The applicant is out of status or illegally worked for over 180 days. c. If the I-140 is employer-sponsored, the applicant changes job before I-485 has been pending for 180 days. d. The applicant drastically changes occupation or job field. e. The applicant travels abroad without Advance Parole (H/L visa or status is excepted). f. The applicant’s failure to RFE or fingerprint.

Many/most of us here have worked like crazy dogs most of lives, followed the rules, and played by the book. "Everyone" does not have your cavalier attitude towards truth.

My problem is not with consultants or nurses or doctors or magicians or whoever else is in line. My problem is with those who claim to be legal aliens but who routinely break the rules (by indulging in kickback schemes like splitting their salary with their employer).

IV is a community of/for legal aliens wanting to become legal immigrants. Rule-breakers and others don't belong here; just because one hasn't been caught cheating the system doesn't mean one is legal.

Can you clarify what you mean by "splitting salary with employer" and what does that have to cheating the system?

But this *****(offensive word deleted) has 800,000 Viewers on his Show.Gets $6 Million From CNN and lives in a 300 Acre Home in Sussex County, New Jersey.:eek:

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ilwaiting

06-01 09:00 AM

I'm confused in the first place, How a public telivision channel like CNN allows to air this show. I'm sure there would have been stuanch critizicism for this show even in the political arena. His offending and never ending seemingly senseless talk on immigration aims at the Congress and even President on their reforms. Agree that we are in a world of freedom of speech but this is crossing the limits.

The problem is most often the information and numbers given on this show are not actual facts and often exaggerated and misleading. The info looks most likely derived from FAIR or NumbersUSA or Heritage foundation or one of their associates.

The congress, the president and everyone is crazy. Except Lou Dobbs. Lou Dobbs is the only one who is doing the sane talk.

Read the smart Einstein-like man's column here:

The whole world is crazy except me (http://www.cnn.com/2006/US/05/30/dobbs.May31/index.html)

I will post my own editorial on his editorial on CNN, once I get a minute. In the mean time, seriously, take a drink or two before you read this contribution from Lou Dobbs.

You asked me and i tell you this. This news article was written by well known journalists around the world. His name is Robert Fisk. Just read this to get some understanding.

Robert Fisk: Why do they hate the West so much, we will ask. This is not published in any Muslim media but one of the well known in Britain called "The Independent". You won't read such things in CNN or Fox or BBC.

I don't like either of that 2 sides, they are just a torn on this earth. But you know what, don't expect peace if you use violence to obtain it. It'll won't work and never will.

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diptam

08-05 02:15 PM

You are probably talking about a thin % of peoples - this is a lame argument for most of the Eb3 folks who can and want to port to Eb2 legally.

Let me give you my case. I was eligible for both EB2 and EB3 when my GC labor was filed - my employer filed it in EB3 because the queue is longer and i remain with them for longer duration. I had about 390 days of H clock left so arguing with that employer and finding another one was also not an option because for getting H extension beyond 6 yrs needs the GC labor to be more than 365 days old.

By the way I've seen the horrors of Labor Sub , I've suffered BEC cold storages for years,now I'm struggling with my Eb3 140 for 15 months at NSC and after all that if i port to EB2 and get my 485 quickly - what Problem you have or what's wrong in that ?

Good points, but let me put a counter argument. Two people , one is named SunnySurya and the other is named Mr XYZ. Both came to the USA at the same time in 1999. The difference was SunnySurya came here for his masters and the other guy came here through shady means.

Mr XYZ was able to file his green card in 2002 in EB3 category based on his shady arrangements with his employer, whereas Mr SunnySurya continued to do right and socially acceptable things i.e. studied, got a job and then after several years this big company filled his green card in EB2 category in 2006.

On the other hand after strugling for several years Mr. XYZ has collected enough years on his resume to be elligible for EB2. Now he want to port his PD

SunnySurya's PD is 2006 and Mr. XYZ PD is 2002. Now if Mr. XYZ want to stand in EB2 line, I wonder what problems SunnySurya can have???:confused:

So you are ok with "colateral damage" to your GC ? I have never seen a school force creationism on a child, as for reading its the same everywhere (i remember in india my catholic shool was at pains to teach us that Ramayan was a legend...i didnt change my religion because of that). How many wars were fought during regans adminstration? Do you remember the tax rate during the Carter years? people were shelling out 17% on home loans while banks were paying 13% interest on their CD's. Media driven pontification is ok as long as you can substantiate them with valid reasoning. (Clinton years were good for us but some say that it laid the foundation for the dot com crisis, which lead to easy credit and so on)

Ramayan was an epic written long time ago. It is a story(like stories in bibble). Creationism evolved just to oppose evolution theory and cause confusion to the evolution theory. They say it is based on science, when it is not. BTW evolution is also a fact, it is not just theory.

Spending on needless wars are not helping economy. With this economy there is little chance for GC. If everybody wants tax cut, who will pay the debt. Keep borrowing? Some one has to pay the interest at the least.. Clinton balanced the budget, while taxing the rich. McCain is for the 'trickle down economy' which we now see what it really is(DOW down 800 points). Obama is for tax cut for the average guys and not for the 'trickle down economy' scam.

I cannot believe the nerve that you EB-3 India guys have. You are begging for a GC based on your length of wait!!! laughable at best...........go wait a decade or so more, then come back here and start this useless BS again.

one good thing happens for the EB-2 folks, and the EB-3 community cannot stomach it. pure freaking jealousy.

Agreed! But what is your problem? Check your pressure ASAP. It doesn't spare you just because you are EB2!

ROLLING_FLOOD HAS STARTED THE 'FLOOD' AND HE 'ROLLED' OUT....He is probably laughing his as* off....

Don't worry too much about GC...it would ruin your life if you think a lot about it.

We all (at least most of us) came to this country with 2 big suitcases and a carry-on bag (with lots of pickels and masalas and clothes and many other stuff) and maybe couple of thousand $$.

So, if you look back you all have achieved something more then that for sure...if we don't get GC, then lets pack those 2 suitcases and head home...no big deal !!!! keep a positive attitude and everything would be fine.

I told you guys.. This site name should HIV-Hindu Immigration Voice. Now

Its IV not HIV. It means indian voice and international voice and immigration voice. The international community has denounced Pakistani terrorism. Not just Hindus

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araj_98

05-25 12:45 PM

retrogression is there was no unified voice to atleast speak out, when the serious problems that the legal immigrants are facing was anticipated, write about these issues. Now we have one in IV.

The only problem in what you advocate is this: while each of us is free to speak as we like, that dilutes our focus and produces a gaggle of voices. This results in lack of attention and gradual erosion of the effort. We don't have a full time paid director / administrators to brings things to order. All work here is at IV is voluntary. That's why we need to stop people from promoting Lou Dobbs. Remember, one swallow doen't make a summer.

Also remember: these channels have (or may have) an hidden agenda. Rather than pure news and opinion disseminating channels, they are jockeying to be a opinion influencing channel. That's where they fail; when they can't convince people (how can you, in a few minutes of news coverage), they confuse poeple. http://www.law.yale.edu/outside/html/Public_Affairs/709/yls_article.htm

February 23, 2006 Watch Video of Author Tom Friedman's Lecture

Please note: You will need Quicktime 7 to view this video.

BTW People who support Lou and his view are as ignorant and xenophobic as he is.

Communique - Your posts dont suggest that you are an immigrant or even pro-immigrant.

Could you provide me your contact info so that we can talk / email in person. My email id is jeyvee72@hotmail.com.

Thanks Tom

Tom; I'm sorry but I used to have my contact info on immigration.com and I enjoyed talking to people at one point. However; it got to be too much to discuss with people (close to 100 phone calls per day).

I prefer if you keep it to the boards for everyone elses benefit.

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Refugee_New

01-06 05:39 PM

Modi is the need of the hour andnot Gandhi....Grow up man.

Exactly. Hamas was the need of the hour for Palestinians and that why they choose their government. We may call them terrorists, but they are their legitimate government. People always chose leaders who fight for their right. Now you brand them terrorist and that will give you free hand to kill them and their people. Thats what happening. Isreal doesn't want anyone to stand up to their aggression. At the end, its poor people and children who get killed.

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geesee

06-06 05:01 PM

I agree with above few posts.. I wouldnt recommend buying a house if you are working in technology field.. Most of the companies are sending tech jobs offshore and god forbid if you find yourself in a situation where you dont have a job for couple of months, at least you have an option to pack up and go back to own country... I myself bought a house in 2005, I dont regret the decision, but I would feel much safer otherwise.

The demand may come back, but the prices may be lower from here on out. If interest rates move higher due to the deficit, people won't be able to afford as much, causing prices to fall further.

nixstor

11-15 12:25 PM

This guy needs to go. He is a total joke. Where does he put his $$ in? Every one knows he owns stock of most companies that has outsourced jobs to India/other countries. I am sure he has his money everywhere in Cisco/Msoft whom he bashes along with Kim B. Check this page who want to see him go. There are lot of legal immigration folks who are there.

http://www.bluelatinos.org/firelou

Should we be talking to FOX news to get them do a program on how he changes his stand? How many times he brings only one side of the story?